Recording two deeds in same day

Foreclosures, Short Sales, Tax Foreclosures
1

I am in the process of purchasing a short sale from a real estate agent and he told me
the he is experiencing the banks now requiring that you cannot do a same day transaction.

He wants me to close and record the deed and sell the next day to end buyer and then record that one as there is no more 90 day seasoning rule.

However, my funding source requires same day closing. I told him that I haven’t had this problem so far, yet he is still a little uncomfortable with this.

Can you actually record two deeds for same property in same day? If not how should I soothe his concerns as I want this house.

2

It does not sound correct at all that the bank is prohibiting it. It is much more likely that title or the end buyers lender, if there is one, is the issue. Definately do not rely on the realtor on this issue - speak directly to title to understand the recording requirements and timeline.
Good Luck,

3

Thanks Ted,

That’s exactly what I told him… that the issue is usually with the title company and I have one that I work with diligently.

I was thinking maybe he meant that I couldn’t assign the contract because I have had issues with some banks on that.

Some allow it and some don’t. I told him as long as I close with my own funds there shouldn’t be a problem.

I think I’m just going to continue the way I have been.

4

When I double close and the end-buyers have a question about title and the process, I always explain it to them letting them know we jump through all the hoops with getting title insurance for each closing.
Then I give them the name and phone number of my title agent so they can take their word for it.